Bitcoin’s market cap fell to about $605 billion at the end of May. BTC is currently trading below the $50,000 mark due to the bearish market situation.
Last month, bitcoin suffered a bloody blow with the crash of the crypto market, which drove the cryptocurrency’s market value down. And it’s not just cryptocurrency that bore the brunt of the bombing. Other cryptocurrencies had the same fate.
But if you look at the good parts of the bad situation, BTC remains king by market capitalization in June 2022. The coin concluded in May with a market capitalization of $605.8 billion.
If you compare the June stats to the market cap of BTC opening on May 1, you will see how it fell by 17%. The trading value on the first of May reached a market capitalization of 732 billion dollars and a trading volume commensurate with 27 billion dollars.
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Bitcoin is still bullish
Bitcoin has shed more than 50% of its value, which was seen at an all-time high in November 2021 before the cryptocurrency market crashed. Its downfall was then followed by the fall of Terra, further discrediting the cryptocurrency industry.
A bullish or weak trend has spread fear and uncertainty among investors. Many investors panicked and withdrew their money.
BTC and Ethereum, the two leading digital assets in the crypto market, have both fallen more than 40% since November 2021. The price of BTC has been very volatile over the past two months, and investors are getting excited.
On the brighter side, with the crypto set at $29,000, investor confidence has been restored with solace that the cryptocurrency has somehow stabilized.
More volatility in the coming months?
On the other hand, experts believe that Bitcoin will face more volatility in the coming months. Unfortunately, the entire cryptocurrency market cap has fallen by as much as 43% over the past two months. However, there is hope that the market will regain its lost glory when certain metrics are met.
The crypto bear market is not a market that investors would like to venture into, but you have to take the good with the bad in the crypto space. A bearish stance has its benefits as it gives investors more time to evaluate their investment and check for other projects that could go up once prices rise again.
The May 1 opening of Bitcoin surged to $37,713 and rose further with a monthly high of $39,789. However, it tested as low on May 12 at $26,350 on May 12, before closing the month of May with a trading price of $31,792.
This gives BTC a 15% discount between the opening and closing stats for the BTC price in May.
Featured image from Nairametrics, chart from TradingView.com